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Best & Final Offer

  • 21-06-2016 12:55pm
    #1
    TRS30
    Registered Users, Registered Users 2 Posts: 6,865 ✭✭✭


    As title suggests in a Best & Final Offer situation. Never been in one before so anyone have any advice, strategies etc???


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,855 Mod ✭✭✭✭Henry Ford III


    It's a ruse by an agents to try to get people to overbid.

    Bid what you think the property is worth to you and no more.


  • #3
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Henry Ford III wrote: »
    It's a ruse by an agents to try to get people to overbid.

    Bid what you think the property is worth to you and no more.

    Isn't it the EAs job to get the highest bid?

    The EA doesn't decide this final bid, the vendor does. I've done this myself when selling a property, if there are a couple of bidders I just asked each to submit a final bid in a sealed envelope, whoever is highest usually gets the purchase.


  • #4
    TRS30
    Registered Users, Registered Users 2 Posts: 6,865 ✭✭✭TRS30


    Henry Ford III wrote: »
    It's a ruse by an agents to try to get people to overbid.

    Bid what you think the property is worth to you and no more.

    Yep, this is my impression of the process as well.

    If I can convince the head to rule the heart then will stick with what I think the property is worth.
    davo10 wrote: »
    Isn't it the EAs job to get the highest bid?

    The EA doesn't decide this final bid, the vendor does. I've done this myself when selling a property, if there are a couple of bidders I just asked each to submit a final bid in a sealed envelope, whoever is highest usually gets the purchase.

    True; just not sure if the bidding has stalled short of what the vendor wants so this is the last roll of the dice to squeeze a bit more out of the remaining bidders.


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,855 Mod ✭✭✭✭Henry Ford III


    davo10 wrote: »
    Isn't it the EAs job to get the highest bid?

    The EA doesn't decide this final bid, the vendor does. I've done this myself when selling a property, if there are a couple of bidders I just asked each to submit a final bid in a sealed envelope, whoever is highest usually gets the purchase.

    It is but a "best and final" offer scenario is an attempt to get potential bidders to go "high" to see off the opposition and get their bid accepted.


  • #6
    Lumen
    Registered Users, Registered Users 2 Posts: 31,218 ✭✭✭✭Lumen


    Henry Ford III wrote: »
    It is but a "best and final" offer scenario is an attempt to get potential bidders to go "high" to see off the opposition and get their bid accepted.
    If it worked like that then every agent would use it in every case where there was more than one bidder.

    The problem is if everyone bids only what they think it's worth, the highest bid will be lower than could have been achieved by ramping up the bids auction-style.


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  • #7
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Are they just looking for your best offer or best offer with proof you can pay it? After a bidding war with another couple the agent asked us for sealed bids with proof that we could access the funds. We said thanks but no thanks but they didn't tell the other couple, who then ended up paying 65k than our previous highest offer :eek:


  • #8
    TRS30
    Registered Users, Registered Users 2 Posts: 6,865 ✭✭✭TRS30


    athtrasna wrote: »
    Are they just looking for your best offer or best offer with proof you can pay it? After a bidding war with another couple the agent asked us for sealed bids with proof that we could access the funds. We said thanks but no thanks but they didn't tell the other couple, who then ended up paying 65k than our previous highest offer :eek:

    Is just another situation where you are at the mercy of the estate agent! I'm sure even if the other party had asked if you submitted a sealed bid the agent would have said yes!!


  • #9
    TRS30
    Registered Users, Registered Users 2 Posts: 6,865 ✭✭✭TRS30


    athtrasna wrote: »
    Are they just looking for your best offer or best offer with proof you can pay it? After a bidding war with another couple the agent asked us for sealed bids with proof that we could access the funds. We said thanks but no thanks but they didn't tell the other couple, who then ended up paying 65k than our previous highest offer :eek:

    Proof of loan offer only has been requested.


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